Rent in Canada up 10% in July over last year: report


The average rent in Canada for all properties rose more than 10% year-over-year in July, according to a recent national analysis of online listings.

The last National Rent Reportpublished by Rentals.ca and Bullpen Research and Consulting, revealed that the average rent for all property types – including single family homes, townhouses, rental apartments, condominiums and basement apartments – displayed on the website was $1,934 in July.

This is an increase of 10.4% compared to the same month in 2021.

The report found that the average rent in July 2022 was just $20 below the pre-pandemic peak of $1,954 in September 2019.

Month-over-month, the average rent rose 2.6% in July from June, making it the second-highest monthly jump in three years, the president of Bullpen Research and Consulting said. , Ben Myers, in a press release.

“Rents have been boosted by rent growth (or increases) of 20% and more in several large municipalities across Canada, and double-digit growth in a number of the most affordable rental markets, such as Red Deer and Saskatoon. “said Myers.

The median rental rate in July was $1,799, up from $1,750 in June and a 9% increase from $1,649 in July 2021.

The report says workers returning to the office are one of the factors driving up rental prices.

Rising mortgage rates and concerns about future price declines in the housing market are hitting potential buyers with a “double whammy”, the press release said. Rising interest rates are also preventing potential sellers from selling their properties. These factors could lead to greater demand in the rental market.

“Immigration remains high and the national unemployment rate remains near historic lows, so despite some recession fears, rental market demand remains strong,” the report said.

VANCOUVER & BC TOP LISTS

An analysis of 35 Canadian cities found that Vancouver topped the list with the highest average monthly rent for a one- and two-bedroom home in July this year at $2,500 and $3,630, respectively, for year-over-year increases of 14.4 percent and 19.4 percent.

Compared to June, the average rent for a one-bedroom house in Vancouver rose 3.6% and 4.8% for a two-bedroom house.

The average rent in Toronto in July rose 21.6% year-over-year to $2,257 for a one-bedroom home and 25% to $3,259 for a two-bedroom home. Toronto ranked fourth on the list of highest rents.

Month over month, the average rent in Toronto increased by 4% for a one-bedroom house and 7.8% for a two-bedroom house.

Montreal ranked 24th on the list, with average July rent up 8.9% to $1,543 for a one-bedroom home from a year earlier and 5.7% to $1,958 $ for a two bedroom house.

British Columbia had the highest average rent for all property types in July at $2,590, up 19% year-over-year.

Ontario came in second with average rent up 15.2% to $2,332 year-over-year, while Nova Scotia ranked third after average rent rose by significantly in July by 25% year over year to reach $2,222.

Manitoba was the only province to see its average rent decrease in July 2022 compared to July 2021, although it represented only a slight drop of $3 to $1,377.

Single-family homes are the most expensive units listed on Rentals.ca, according to the report, up 14.1% in July to $3,043 from a year earlier. The average rent for single-family homes has increased by $391 since January.

The average monthly rent for townhouses increased by 17.3% per year to $2,465 and by 14.4% to $2,306 for condominium apartments.

Apartments saw a year-over-year increase of 7.7% to $1,743 in July.

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